Tag: Austrian School of Economics

Is Macroeconomics Really Economics? »

The world probably would have been much better off had macroeconomics never been devised. Although I have in mind Keynesian macroeconomics above all, I include other types of macro models as well. I even include, somewhat reluctantly, the whole quantity theory approach descended from David Hume to the Friedmanites, now known as monetarism. One...
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Students: Break Free This Summer! »

Join the Independent Institute this summer for its college seminars in Colorado Springs and Berkeley. These five-day programs feature lectures, readings, multimedia presentations, and group discussions on the fundamentals of free societies. Students will learn about ethics and liberty, Austrian economics, public choice, money and banking, the follies of socialism and interventionism, myths of...
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Texas Tech Free Market Institute »

In January I left Suffolk University to start the new Free Market Institute at Texas Tech University. I remain affiliated as a Senior Fellow with the Independent Institute and plan to continue my productive relationship with them well into the future. Since I’ve continued to write commentary for Independent some of you might have...
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The Sluggish Recovery of Real Net Domestic Private Business Investment »

Making sense of economic fluctuations can be a daunting task. The economy comprises a gigantic set of interrelated assets, inputs, processes, transactions, and outputs, and its dimensions can be and have been measured in countless ways. If we are to speak sensibly about the economy as a whole—recognizing that almost anything we say about...
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Philosopher Alvin Plantinga Receives Prestigious Rescher Prize »

The world-renowned philosopher Alvin C. Plantinga has recently received the prestigious Nicholas Rescher Prize for Contributions to Systematic Philosophy, awarded by the University of Pittsburgh’s Departments of Philosophy, History, and Philosophy of Science, and the Center for the History and Philosophy of Science. Plantinga is widely known for his work in the philosophy of...
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Monetary Policy and Heightened Price Volatility in Raw Materials Markets »

Despite the Fed’s breathtaking increase of base money since the autumn of 2008, the money stock as measured by conventional concepts such as M2 has not increased greatly, and hence, as ordinary quantity-theory-of-money thinking would lead us to expect, inflation as measured by conventional concepts such as the consumer price index (CPI) has been...
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World War II Didn’t End the Great Depression »

The notion that the Second World War is responsible for ending the Great Depression has met growing skepticism among economic historians, thanks in no small part to the work of Independent Institute Senior Fellow Robert Higgs. Beginning with an article that first appeared in the Journal of Economic History in 1992, Higgs has argued...
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A Vulgar Keynesian Visits My Chamber »

I heard a noise that seemed to come from my chamber door. I opened it, and then . . . Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams some Austrians dared to dream before; But recession was unbroken, and the darkness gave no token, And the only words...
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Stream of Conciousness Ramblings, Somewhat Related to James M. Buchanan »

A bottle of Jack Daniels is sitting on our kitchen counter, the result of a fire in our microwave oven. The oven was destroyed so we ordered a replacement, which was supposed to be installed a few days ago, but the installers who showed up couldn’t get the new oven into the spot where...
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Remembering James Buchanan »

I was surprised to see James Buchanan characterized in the New York Times as “an austere man with a severe aspect that many students found intimidating.” I was never a student of his, but the James Buchanan I had the pleasure of getting to know as a guest at numerous meetings of the Mont...
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